Constellation Brands Boosts Profit Prediction

VICTOR, N.Y. (AP) — Wine and liquor seller Constellation Brands Inc. said Wednesday that its fiscal third-quarter net income rose 4 percent as volumes increased, and it boosted its profit prediction for the year.

The company, whose brands include Robert Mondavi, Clos du Bois and Manischewitz, earned $109.5 million, or 58 cents per share, in the three months through Nov. 30. In the same months a year ago, profit came to $104.8 million, or 52 cents per share.

The company's adjusted profit was 63 cents per share in the most recent quarter.

Revenue rose 9 percent, to $766.9 million from $700.7 million as sales volumes rose.

The results beat Wall Street predictions. Analysts, on average, expected earnings of 55 cents per share on $746.2 million in revenue, according to a FactSet poll.

Constellation said its earnings from its 50 percent stake in the Crown Imports beer joint venture totaled $39 million, down from $43 million a year ago. The company added that it's in track to close its $1.85 billion acquisition of the remaining 50 percent stake in the distributor by March.

The Victor, N.Y., company expects to post an adjusted profit of $2.10 to $2.20 per share for its fiscal year, which ends in February. It had previously predicted earnings of $2 to $2.10 per share, while analysts forecast $2.07 per share.

Wine and liquor seller Constellation Brands Inc. said Wednesday that its fiscal third-quarter net income rose 4 percent as volumes increased, and it boosted its profit prediction for the year. The company earned $109.5 million, or 58 cents per share, in the three months through Nov. 30. In the same months a year ago, profit came to $104.8 million, or 52 cents per share.

Wine and liquor seller Constellation Brands Inc. said Wednesday that its fiscal third-quarter net income rose 4 percent as volumes increased, and it boosted its profit prediction for the year. The company earned $109.5 million, or 58 cents per share, in the three months through Nov. 30. In the same months a year ago, profit came to $104.8 million, or 52 cents per share.